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It was not a huge bet on European bonds that caused the 2011 demise of Wall Street brokerage firm MF Global, but rather "confusion" created by its accountants about the company's financial condition, former New Jersey Gov. Jon Corzine testified on Thursday. Corzine, who ran MF Global after leaving the governor's office, took the stand in a New York trial pitting the legal remnants of the collapsed brokerage against its accounting firm, PricewaterhouseCoopers.
Former New Jersey Governor Jon Corzine has begun testifying in the $3 billion trial between the brokerage he once ran, MF Global, and its accounting firm, PricewaterhouseCoopers. The legal remnants of the brokerage are suing the accounting firm, claiming that its negligence and malpractice led to the collapse of MF Global.
In this Thursday, Dec. 15, 2011, file photo, former MF Global Holdings Ltd. Chairman and CEO Jon Corzine testifies on Capitol Hill in Washington, before the House Financial Services Committee. The dispute between brokerage firm MF Global, run by former New Jersey Gov. Jon Corzine, and the accounting firm PwC goes to trial Monday, March 6, 2017.